West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1887-06-02
! THE BUSINESS OUTLOOK.
REPORTS THAT ARE NOTABLE.


Encouraging Statements From the
Wheat and Cotton FieIds-Money
PIlinR Up at Washington.
The most important news :of the week
ID also the beSt-that crop prospects
have decidedly improved. In Ga view
OF the great speculations in wheat
the cotton, and the false reports carefully cir
culated by interested parties, IL is OF service
TO know that our own agents telegraph from
Wisconsin, Local rains have helped the ag-
ricultural DISTRICTS" from Minnesota, Grains
throughout the Northwest very materially
improve crop prospects" from Kansas City,
Prospects excellent for exceptionally large
crops; recent copious rains Of great benefit: ~
from New Orleans. "Crop prospects general
ly good" And these are samples Of favora-
BILE dispatches from nearly all quarters. The
fear of injury thus far seems satisfactorily
removed, and ifharm TO wheat or cotton is TO
come, it must DO from climatic influence in
the future.
This good news for the whole country is
disheartening, however, when financial pros
poets have come to depend upon the success
OF the gigantic speculations for an advance
In prices of products. The financial future is
also affected by the large receipts of the
Treasury, amounting for ten months and
twenty days to S3l, 6l2, &c., 30 more than re-
ceipts for the same part of the previous year.
At the same rate the Treasury must take
from the markets a largo sum every month,
after the last call for 3 per cents natures
July 1, and Washington dispatches state that
the Administration will purchase bonds
with great reluctance, il at
all. During the past week the Treasury has
taken in 100000 more gold and S5OO,OOO
more currency than it has paid out, with is
sues Of silver certificates only balancing the
increase of silver held, and with only 500,
600 added to deposits in banks The last
statement of New York banks showed an in
crease of loans and reserves, because Mr..
Manning's now bank was for the first time
included, but the drain of money to Chicago
TO meet the needs Of speculation still contin-
ues, the return to that point from the inte-
rior being retarded by real estate and other
activity extensively prevailing.
Foreign commerce does not improve
Aprils imports exceeded exports by Sl5 ,073,-
V5, an excess equalled in one month of 1882,
after the partial failure of crops, and in no
other month since 1872, New York exports
in May fall liz per cent. below those of last
year, with imports exceeding those of last
year by l7.3 per cent, which would foreshat
ow an excess Of about SI4 ,OOO, 900 in imports
this month The prevailing speculations,
rather than the Interstate act, cause the de-
cline in exports, for shipments of grain by
lake and rail are made without regard to To-
cal rail rates In cotton the exports are hard.
ly quarter of those of May, 1886, and arti-
hcial prices for pork products also cause de-
crease in shipments.
Accounts from nearly all quarters are de
cidedly favorable At Philadelphia trade is
languid, and there is some complaint of slow
collections at New Orleans, money is rather
tighter, and at Cincinnati, collections are fair
with room for improvement; but other re
ports indicate active trade for the season,
good supply of money for all legitimate bust
ness, and collections satisfactorily prompt. II
the iron trade Pittsburg hopes to see many
banked" furnaces set to work again
by reduction in the price
Of coke and the termination OF the
strike. 1t is also believed at Detroit the
great strike of stove moulders will end this
week and work be resumed on Monday. A
better trade in tobacco is noted at Cincin.
natl, and the real estate excitement does not
abate The great sale at West Nashville re-
suited satisfactorily, with heavy purchases by
eastern investors, and prices are sustained
with great confidence at Omaha and other
western points, by more favorable crop pros
poets.
The coffee market, after a week Of advancing
prices, declined sharply yesterday morning.
Wheat gained little during the week and the
collapse of the clique is by many apprc-
hended. Hogs and pork productions with
cattle were a shade lower, and sugar, cotton
and oil little stronger. No definite improve
ment appears in the market for wooden goods,
and the great auction sale Of fannels causes
hesitation, but the market for cotton is
healthy and strong.
Business failures for the last seven days:
For the United States and Canada us, as
compared with $50 last week, l67 the week
previous to the last, and Isl the correspond
ting week Of last year.